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Macy’s Projects 45% Q1 Sales Drop, Secures $4.5 Billion To Maintain Liquidity During Recovery

June 10, 2020


Macy’s reported a preliminary Q1 2020 sales decline of 45%, to $3 billion, but the retailer expects to make a “gradual” recovery following a strong reopening effort. The company also has secured approximately $4.5 billion in new financing, including its previously announced $1.3 billion of 8.375% senior secured notes and a new $3.15 billion asset-based credit agreement.

“Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong,” said Jeff Gennette, Chairman and CEO of Macy’s in a statement.

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